Utkal University, Odisha, General Semester 2, Economics Syllabus

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Unit - 1 Introduction to Business Economics

1.1 Introduction to Business Economics Basic Economic Concepts and precepts

1.2 Goods Services Utility Value Wealth Marginalism time perspective stock and flow variables equilibrium

1.3 Basic Principles of Economics Basic Problems of an economy.

Unit - 2 Demand and Supply Analysis

2.1 Demand Analysis Meaning of demand law of demand Determinants of Demand Increase and Decrease in demand Exceptions to the law of demand Individual and Market demand

2.2 Meaning of Supply Law of Supply Increase and Decrease in Supply Determinants of Supply” Exceptions to the Law of Supply Equilibrium

2.3 Elasticity Concept Perfect Elasticity Perfect Inelasticity Relative Elasticity Relative Inelasticity

Unit - 3 Elasticity of Demand

3.1 Elasticity of Demand Price Income Cross and Promotional Elasticity of Demand

3.2 Elasticity of Supply Price Income and Cross Elasticity of Supply

3.3 Elasticity and Implications for Total Revenue Determinants of Elasticity Simple Numerical Problems to be solved

Unit - 4 Production and cost analysis

4.1 What are costs Costs as Opportunity Costs Accounting vs

4.2 Production Functions in the Short Run and in the Long Run Producers Equilibrium

4.3 Types of costs Variable and fixed costs Short run and Long run costs Average cost Marginal Cost Diminishing Returns and Marginal cost Production and Costs in the Long run

4.4 Revenue Concepts Total Revenue Average Revenue And Marginal Revenue.

Unit - 5 Market structure and business decisions

5.1 Market Structure and Business Decisions Distinguishing Characteristics between Market Forms Perfect competition Monopoly Monopolistic competition Oligopoly Short run decisions of a firm to shut down Long run decision of the firm to exit Practical application of different market forms

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